Board Change • May 11
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. New Risk • Mar 27
New major risk - Revenue and earnings growth Earnings have declined by 59% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 59% per year over the past 5 years. Board Change • Jan 02
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 7 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 18
First quarter 2026 earnings released: EPS: €0.32 (vs €0.16 loss in 1Q 2025) First quarter 2026 results: EPS: €0.32 (up from €0.16 loss in 1Q 2025). Revenue: €45.5m (up 112% from 1Q 2025). Net income: €4.59m (up €6.89m from 1Q 2025). Profit margin: 10% (up from net loss in 1Q 2025). Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 101 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 29
Full year 2025 earnings released: €0.77 loss per share (vs €0.15 loss in FY 2024) Full year 2025 results: €0.77 loss per share (further deteriorated from €0.15 loss in FY 2024). Revenue: €93.6m (down 21% from FY 2024). Net loss: €10.9m (loss widened 393% from FY 2024). Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 3.8% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Jul 16
Now 22% undervalued The stock has been flat over the last 90 days, currently trading at €15.68. The fair value is estimated to be €20.03, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • Jun 13
Now 22% undervalued Over the last 90 days, the stock has risen 12% to €13.80. The fair value is estimated to be €17.72, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Meanwhile, the company became loss making. Buy Or Sell Opportunity • May 20
Now 24% undervalued The stock has been flat over the last 90 days, currently trading at €11.96. The fair value is estimated to be €15.76, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.0% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 15
Third quarter 2025 earnings released: EPS: €0.10 (vs €0.06 in 3Q 2024) Third quarter 2025 results: EPS: €0.10 (up from €0.06 in 3Q 2024). Revenue: €23.4m (down 18% from 3Q 2024). Net income: €1.41m (up 75% from 3Q 2024). Profit margin: 6.0% (up from 2.8% in 3Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Board Change • May 09
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 09
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: €21.5m (down 20% from 2Q 2024). Net loss: €1.39m (loss widened 8.5% from 2Q 2024). Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Entertainment industry in the United Kingdom. Board Change • Feb 26
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 31
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 19
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Dec 02
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 6 highly experienced directors. 3 independent directors (6 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 17
First quarter 2025 earnings released: €0.16 loss per share (vs €0.17 loss in 1Q 2024) First quarter 2025 results: €0.16 loss per share (improved from €0.17 loss in 1Q 2024). Revenue: €21.5m (up 6.3% from 1Q 2024). Net loss: €2.30m (loss narrowed 4.6% from 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Announcement • Sep 30
Digital Bros S.p.A., Annual General Meeting, Oct 28, 2024 Digital Bros S.p.A., Annual General Meeting, Oct 28, 2024, at 09:00 W. Europe Standard Time. Location: via tortona 37, milano Italy Reported Earnings • Sep 27
Full year 2024 earnings released: €0.16 loss per share (vs €0.68 profit in FY 2023) Full year 2024 results: €0.16 loss per share (down from €0.68 profit in FY 2023). Revenue: €117.9m (flat on FY 2023). Net loss: €2.21m (down 123% from profit in FY 2023). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Board Change • Aug 21
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • May 16
Third quarter 2024 earnings released: EPS: €0.06 (vs €0.26 in 3Q 2023) Third quarter 2024 results: EPS: €0.06 (down from €0.26 in 3Q 2023). Revenue: €28.7m (down 2.3% from 3Q 2023). Net income: €801.0k (down 78% from 3Q 2023). Profit margin: 2.8% (down from 12% in 3Q 2023). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Board Change • May 15
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Apr 02
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Mar 15
Second quarter 2024 earnings released: €0.09 loss per share (vs €0.58 profit in 2Q 2023) Second quarter 2024 results: €0.09 loss per share (down from €0.58 profit in 2Q 2023). Revenue: €26.9m (down 28% from 2Q 2023). Net loss: €1.28m (down 116% from profit in 2Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has only fallen by 28% per year, which means it has not declined as severely as earnings. Board Change • Mar 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. 3 independent directors (5 non-independent directors). Lead Independent Director Laura Soifer was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Nov 12
First quarter 2024 earnings released: €0.17 loss per share (vs €0.21 profit in 1Q 2023) First quarter 2024 results: €0.17 loss per share (down from €0.21 profit in 1Q 2023). Revenue: €20.2m (down 9.7% from 1Q 2023). Net loss: €2.41m (down 181% from profit in 1Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 19% per year. Reported Earnings • Sep 29
Full year 2023 earnings released: EPS: €0.68 (vs €2.00 in FY 2022) Full year 2023 results: EPS: €0.68 (down from €2.00 in FY 2022). Revenue: €117.9m (down 11% from FY 2022). Net income: €9.68m (down 66% from FY 2022). Profit margin: 8.2% (down from 22% in FY 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €12.89, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 15x in the Entertainment industry in Europe. Total loss to shareholders of 39% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.28 per share. Buying Opportunity • Sep 22
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 30%. The fair value is estimated to be €17.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 17%. Revenue is forecast to grow by 53% in 2 years. Earnings is forecast to grow by 52% in the next 2 years. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €14.88, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 22x in the Entertainment industry in the United Kingdom. Total loss to shareholders of 27% over the past three years. Reported Earnings • May 14
Third quarter 2023 earnings released: EPS: €0.26 (vs €0.34 in 3Q 2022) Third quarter 2023 results: EPS: €0.26 (down from €0.34 in 3Q 2022). Revenue: €29.4m (up 6.4% from 3Q 2022). Net income: €3.62m (down 26% from 3Q 2022). Profit margin: 12% (down from 18% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 11
Second quarter 2023 earnings released: EPS: €0.58 (vs €0.46 in 2Q 2022) Second quarter 2023 results: EPS: €0.58 (up from €0.46 in 2Q 2022). Revenue: €37.4m (up 23% from 2Q 2022). Net income: €8.30m (up 27% from 2Q 2022). Profit margin: 22% (in line with 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Entertainment industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 28
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 05 December 2022. Payment date: 07 December 2022. Payout ratio is a comfortable 9.4% but the company is not cash flow positive. Trailing yield: 0.8%. Lower than top quartile of British dividend payers (5.7%). Lower than average of industry peers (1.8%). Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Sylvia Bartyan was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 25
Full year 2022 earnings released: EPS: €2.00 (vs €2.25 in FY 2021) Full year 2022 results: EPS: €2.00 (down from €2.25 in FY 2021). Revenue: €132.2m (down 11% from FY 2021). Net income: €28.5m (down 11% from FY 2021). Profit margin: 22% (in line with FY 2021). Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Entertainment industry in the United Kingdom. Reported Earnings • May 15
Third quarter 2022 earnings released: EPS: €0.34 (vs €0.31 in 3Q 2021) Third quarter 2022 results: EPS: €0.34 (up from €0.31 in 3Q 2021). Revenue: €27.6m (down 16% from 3Q 2021). Net income: €4.92m (up 11% from 3Q 2021). Profit margin: 18% (up from 13% in 3Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 30%, compared to a 32% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Sylvia Bartyan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 10
Second quarter 2022 earnings: Revenues and EPS in line with analyst expectations Second quarter 2022 results: EPS: €0.46 (down from €0.56 in 2Q 2021). Revenue: €30.4m (down 28% from 2Q 2021). Net income: €6.53m (down 18% from 2Q 2021). Profit margin: 22% (up from 19% in 2Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 22%, compared to a 39% growth forecast for the industry in the United Kingdom. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to €21.04, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 31x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 8.2% over the past year. Upcoming Dividend • Nov 29
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 06 December 2021. Payment date: 08 December 2021. Trailing yield: 0.5%. Lower than top quartile of British dividend payers (4.1%). Lower than average of industry peers (1.6%). Reported Earnings • Nov 17
First quarter 2022 earnings released: EPS €0.29 (vs €0.55 in 1Q 2021) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2022 results: Revenue: €24.9m (down 36% from 1Q 2021). Net income: €4.09m (down 48% from 1Q 2021). Profit margin: 16% (down from 20% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 101% per year but the company’s share price has only increased by 67% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Nov 15
Investor sentiment deteriorated over the past week After last week's 25% share price decline to €33.54, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 36x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 361% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €57.39 per share. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 19% share price gain to €35.46, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 40x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 300% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €30.93 per share. Reported Earnings • Sep 30
Full year 2021 earnings released: EPS €2.25 (vs €1.05 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: €149.2m (up 12% from FY 2020). Net income: €32.0m (up 114% from FY 2020). Profit margin: 22% (up from 11% in FY 2020). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improved over the past week After last week's 16% share price gain to €28.20, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 52x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 29% over the past year. Board Change • Jul 28
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Sylvia Bartyan was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improved over the past week After last week's 17% share price gain to €28.54, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 42x in the Entertainment industry in the United Kingdom. Total returns to shareholders of 191% over the past three years. Reported Earnings • May 16
Third quarter 2021 earnings released: EPS €0.32 (vs €0.31 in 3Q 2020) The company reported a mediocre third quarter result with weaker profit margins, although earnings were flat and revenues improved. Third quarter 2021 results: Revenue: €33.0m (up 7.7% from 3Q 2020). Net income: €4.43m (flat on 3Q 2020). Profit margin: 13% (down from 14% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 27% share price gain to €26.40, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 25x in the Entertainment industry in Europe. Total returns to shareholders of 189% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment improved over the past week After last week's 20% share price gain to €22.95, the stock is trading at a trailing P/E ratio of 16.9x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 43x in the Entertainment industry in the United Kingdom. Total returns to shareholders over the past three years are 145%. Analyst Estimate Surprise Post Earnings • Oct 21
Annual earnings released: Revenue misses expectations Annual revenue missed analyst estimates by 1.1% at €133.2m. Revenue is forecast to grow 15% over the next year, compared to a 24% growth forecast for the Entertainment industry in the United Kingdom.